There are few feelings as awesome as opening a tax refund check, especially when it’s more than you anticipated! Similar to what I assume is the feeling of winning the lottery—you’ve stumbled upon a boatload of free money. It’s everyone’s dream. Now the question is, what do you do with it? Most people advise saving it for a rainy day, but if we’re being honest with ourselves, saving money is never an easy thing.
That said, it just got easier thanks to the SaveYourRefund sweepstakes. For those of you getting a tax refund this year, wouldn’t it be nice to have an extra $100 or $10,000 on top of it?
The sweepstakes is the product of a partnership between America Saves, a campaign that encourages and supports low- to moderate-income households to save money, and Commonwealth, a nonprofit whose goal is to help spread financial opportunity.
Once you receive your federal tax refund, check out the SaveYourRefund content.
The rules are simple: If you save $50 or more from your federal refund, you can enter to win one of 100 prizes for $100 and one of two grand prizes for $10,000.
The contest began on Jan. 22, but runs through 11:59 p.m. April 17 (tax day), so there’s still time to get in on the fun!
There are 10 total drawings in this sweepstakes. Each drawings includes all entries submitted from the start date to the current entry deadline. Remaining entry deadlines are 11:59 p.m. on Mar. 26, Apr. 2 and Apr. 17.
The drawings for $100 are held four days after every entry deadline, which means you still have three chances to win!
To enter, you must be at least 18 years old and the time of entry and a legal resident of the U.S or have an Individual Taxpayer Identification Number. You must also receive a 2017 individual tax refund from the IRS. Also, only one individual in a joint tax return is eligible to enter.
2018 is the sixth year of #SaveYourRefund, run in partnership with our friends at @AmericaSaves. Incentives are a great way to encourage saving, and we've seen thousands of people inspired to save by SYR! https://t.co/RIwrxF9p4p
— Commonwealth (@buildcommwealth) January 30, 2018
How To Enter To Win $100
Not sure how to save your tax refund for the contest? No problem.
To ensure your participation in this sweepstakes, you must file your 2017 tax return within the promotion period. Use your tax filing software or IRS form 8888 to split your refund into two parts. One will be for spending and the other for saving at least $50 required for this promotion.
Not up on the IRS tax form jargon? All this form does is let you choose how to split up your refund between multiple bank accounts, a paper check, etc. You may have already being doing this in past year’s without realizing it!
When choosing to split and save a portion of your refund using IRS Form 8888, you have a number of savings options to choose from including a U.S. savings bond, savings account, certificate of deposit, IRA, TreasuryDirect account, prepaid card or 529 college savings plan.
Once you’ve got at least $50 into one of these options, head over to SaveYourRefund.com and fill out the form. As a reminder, you must split your refund so that at least $50 goes into a qualified savings vehicle (more on this here).
— Directors Choice CU (@choice_cu) February 23, 2018
How To Enter The $10,000 Sweepstakes
After entering to win the $100 sweepstakes, you’ll want to make sure you’re also entered to win the $10,000 grand prize! It’s easy. Take a picture that shows them what your savings goal or motivation to save is and submit it with a caption up to 250 words on the grand prize entry page. You can also text SAVE to 313131 and follow the upload instructions.
Important! If you only enter the grand prize contest and not the sweepstakes, you won’t be eligible for either drawing.
Within 30 days of the promotion end date, April 17, the two lucky winners of the $10,000 grand prize will be selected and notified.
Good luck and happy saving!
[H/t The Penny Hoarder]